Nomura

Seven Chinese real estate issuers followed five of their peers to the offshore debt market on Tuesday, marking the busiest start to the year for the Asian bond market.

Some of the SSA market's biggest names are already out for chunky dollar benchmarks, getting off the mark quickly in spite of some sharp moves in swap spreads. Most deals have gone well, but not everything has been a smooth ride.

A strong reception for a five year euro benchmark by KfW on Tuesday was enough to lure in a hesitant flock of public sector borrowers to the euro market as the pipeline stacks up for Wednesday’s business.

A number of Chinese real estate companies kicked off their refinancing for 2020 on Monday, with higher rated issuers tapping longer-dated bonds and the weaker names actively engaging in liability management.

Leeds Building Society opened books on Monday for its second Sonia-linked covered bond. The trade benefited from an ‘unparallelled’ level of demand, reaching almost four times its £600m size.

The European Investment Bank and the Inter-American Development Bank amassed strong demand from investors to kick off their funding programmes for the year on Friday, with the former receiving the biggest ever order book in the sterling supranational and agency bond market, according to the leads.

Blackstone-backed Mindspace Business Parks Real Estate Investment Trust (Reit) is preparing an IPO of new and existing stock, set to be just the second listing from the asset class in India.

European banks no longer really have to think about building up layers of additional tier one debt. All of the focus has shifted to managing and refreshing this capital layer, and taking full advantage of a ferocious hunt for yield. Tyler Davies reports

Indian issuers thronged the offshore bond market this year, with volumes from the country easily beating 2018 numbers. But cracks in the market have started to show. While deal flow will be strong in 2020, concerns around the health of the financial sector and the changing status of state-owned enterprises are keeping investors on edge. Morgan Davis reports.

Roland Domann has joined Nomura to look after the asset and liability management and insurance solutions structuring team focusing on European pension fund and insurance clients.

Groupe BPCE benefited from a bookbuilding process that was shorter than usual on a visit to the Samurai bond market this week, raising about $670m equivalent of preferred and non-preferred senior debt.

A number of untested European companies have made their entrance to the international high yield bond market in the past two weeks as central banks fuel conditions that pamper repeat and new issuers alike, while driving investors into ever riskier assets in a hunt for yield. Karoliina Liimatainen reports.